MenuOil prices surged on Monday as fears of a broader war in the Middle East panicked investors. Worries about an escalation that could’ve affected oil-producing Middle Eastern countries caused a 4% rise in Brent Crude oil prices to $88 per barrel. After the heinous terrorist attacks in Israel committed by Hamas, which have thus far killed over 1,200 Israeli civilians and wounded nearly 3,000 and pushed Israel into a state of war, panic over oil prices is understandable, but not warranted.
Barring an escalation, crude oil prices will likely remain in the corridor between $80 and $90 per barrel. Prices will only surge higher if Iran, Hamas’ and Palestinian Islamic Jihad’s funder and supporter, and Hezbollah’s creator and puppet master, decides to expand the war.
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